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Sunday, October 12, 2008

Daily Observations - Loans Are Still Closing

Just a quick blog tonight, loans are still closing.

Last week, we closed a commercial loan for the purchase of an office condo. I very rarely announce the deals that we close, but I thought in today's economic environment. It was something important for everyone to hear.

We closed this particular transaction in less than 45 days from start to finish. The appraisal for the office condo came in at exactly what the purchase price was. The lender pre-approved the transaction, and at closing pricing was even more competitive than what was written in the letter of intent.

The only reason I'm sharing this information tonight is that I do not want anyone to give up. Even when the news is very bad, there still are lenders that are lending their own capital, and portfolioing their own loans. If you're deal makes economic sense, is cash flowing, and have a strong buyer, there is no reason why you cannot fund the loan.

Do not let this economy control you, you must control your own economy.

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